30 Jun 2024
RIYADH: Saudi Arabia’s overall unemployment rate stabilized at 3.5 percent in the first quarter of 2024, marking a yearly decrease of 0.8 percentage points, the latest data showed.
According to the Labor Force Survey conducted by the General Authority for Statistics, the unemployment rate for Saudi nationals reached 7.6 percent in the first quarter, a slight decrease of 0.2 percentage points from the previous quarter and a yearly drop of 1.1 percentage points compared to the first quarter of 2023.
This figure, derived from population estimates of the Saudi Census 2022, highlights the positive trend in the Kingdom’s labor market.
These statistics underscore the Kingdom’s ongoing efforts to bolster employment opportunities and foster economic growth. As the Kingdom continues to implement Vision 2030, these improvements in employment metrics are anticipated to support the nation’s socio-economic development and long-term growth.
Further analysis revealed an encouraging trend in labor force participation among Saudis, which increased by 1.0 percentage points from the fourth quarter of 2023, reaching 51.4 percent in the first quarter of this year. Additionally, the employment-to-population ratio for Saudis also saw an upward trend.
The stable overall unemployment rate, coupled with rising participation and employment ratios among Saudi citizens, reflects the positive impact of various labor market reforms and economic diversification initiatives undertaken by the government.